InnoCentive is an "open innovation" company that takes research and development problems from various domains and posts them as challenge problems online for anyone to solve. It provides cash awards for the best solutions. InnoCentive works with partners like the Rockefeller Foundation to find solutions to problems of the 21st century. It generates revenue from subscription fees, partnerships, commissions on rewards, and consultancy services. Competitors include Fellowforce.com and Philoptima, which also connect organizations with talent through open innovation challenges with cash prizes.

1. Study Case

2. WhatisInnoCentive ?InnoCentiveis an "open innovation" company that takes research and development problems in a broad range of domains such as engineering, computer science, math, chemistry, life sciences, physical sciences and business, frames them as "challenge problems", and opens them up for anyone to solve them. It gives cash awards for the best solutions to solvers who meet the challenge criteria

3. How doesitworks ?561432

4. Partnerships Their main partnership is the Rockfeller Foundation (www.rockfound.org) which their role is to find solution to new problem of this 21st century.

5. RevenuesRevenues come from:Suscription fees of companiesPartnershipsCommision on rewardsConsultancy services for companies

6. Whatdoesitsolve ?InnoCentive solves problems even for Suppliers / Solvers: They are able to earn a lot of money if they are creative enough; they have a large freedom of action because they can work only on what they are interesting in it and when they want to do it. Furthermore, they have a true feeling of being useful to the mankind by bringing new ideas for nonprofit organization than tries to get the 21st century world better.

7. CompetitorsFellowforce.comis also a competitor of InnoCentive. It was founded "To Connect Organizations and Talent, through Open Source, for limitless ideas, innovation & solutions". Fellowforce.com aims to open up organizations for outside-in participation from experts, consumers, and other interested parties to generate powerful new options through this collaborationPhiloptimais one of the direct competitors of InnoCentive. Ithelps foundations, donors, and other grant makers clearly describe a community challenge and create a cash prize to spur innovative ideas to help solve the problem...

8. Expand revenu SourceIf I were running this business I would try to develop it in different languages in order to let more people access to this precious innovation which is online R&D for everyone by everyone. I would also implement more adds to allow more seekers and solvers to join the private circle of “mankind helpers”. Ads can be a group on facebook or other social networks. Then I would try to create more partnerships with nonprofit organization and even real companies. Those partnerships could bring more money to help solvers for very important new innovations.